Qualified Extensions Clause Samples
A Qualified Extensions clause defines the specific conditions under which a party may extend certain deadlines or timeframes within a contract. Typically, this clause outlines what qualifies as a valid reason for extension—such as force majeure events, regulatory delays, or other agreed-upon circumstances—and may require the requesting party to provide notice or supporting documentation. Its core practical function is to provide flexibility while maintaining clear boundaries, ensuring that extensions are granted only under predefined, justified situations and preventing arbitrary or open-ended delays.
Qualified Extensions. As provided in this Section 2.7.2, in the event the Qualification Conditions have been satisfied on or prior to the Construction Qualification Date, Borrowers shall have the option (each, a “Qualified Extension Option”) to extend the term of the Loan beyond the Qualified Initial Maturity Date for two (2) successive terms (each, a “Qualified Extension Term”) of one (1) year each (the Qualified Initial Maturity Date following the exercise of each Qualified Extension Option being the “Qualified Extended Maturity Date”).
Qualified Extensions. As provided in this Section 2.7.2, Borrowers shall have the option (each, a “Qualified Extension Option”) to extend the term of the Loan beyond the Initial Maturity Date for four (4) successive terms (each, a “Qualified Extension Term”) of one (1) year each (the Initial Maturity Date following the exercise of each Qualified Extension Option being the “Qualified Extended Maturity Date”).
